For years, Sen. Jim Inhofe (R-Tulsa) has argued global warming doesnt exist. Its fictional and a figment of every scientists imagination. According to the good senator, its an attack on the energy industry by tree-hugging environmentalists.
Now, Oklahomas other senator, Tom Coburn (R-Muskogee), contends the nations debt ceiling isnt real and the U.S. wont default on its loans if the ceiling isnt raised. Coburn claims the U.S. Department of the Treasury will continue to pay interest on bonds held by creditors, redeem them and then issue new bonds.
However, Secretary of the Treasury Jack Lew has a vastly different opinion:
There is no option that prevents us from being in default if we dont have enough money to pay our bills.
CFN doesnt have any financial gurus on staff, but we do know if our bills arent paid on time, the creditors begin to call.